Ocean Rig UDW Inc. 1st Quarter Ended March 31, 2013 Earnings Presentation NASDAQ: OCEAN RIG UDW INC. ORIG May 23rd, 2013
Q1 2013 financial results Net Revenue from drilling contracts: 246.4 million Adjusted EBITDA: 104.7 million Reported Net Income: 6.4 million or 0.05 per share OCEAN RIG UDW INC. 2
Key highlights Leiv Eiriksson completed upgrade work and commenced drilling operations offshore Norway Signed 1.35 billion syndicated secured term loan facility to finance 2013 newbuild drillships Essential crewing needs for our…
Industry Overview OCEAN RIG UDW INC.
Strong UDW market fundamentals All 99 UDW units currently1 on location in Gulf of Mexico, Africa and South America are employed Recent UDW fixtures for 2014 & 2015 commencement signal strong demand through 2015 Recent UDW Contract…
Solid multi-year fleet employment profile Average contract1 remaining fixed period of 2.7 years, 4.3 years with options 98%, 86%, 62%, 31% calendar days under contract2 in 2013, 2014, 2015, and 2016 respectively 4.9 billion backlog2…
Q1 2013- Revenue analysis During the quarter, we had 540 calendar days and 121 days spent on mobilization/upgrades Resulting in 419 available drilling days, of which 363 were revenue earning days i.e. 87% operating efficiency…
Q1 2013- OPEX analysis Q1 2013 Direct & Onshore Q1 2013 Rig Opex Amortization of Drilling Unit Deferred Opex (in USD million) ( per day) (in USD million) Leiv Eiriksson 3.2 N/A 0.0 Eirik Raude 16.0 258,600 4.0 OCR Corcovado…
Income Statement (Expressed in Millions of U.S. Dollars except for share and per share data) Q1 2013 REVENUES: Drilling revenues 211.9 Amortization of deferred revenue 34.5 Total Revenues from drilling contracts 246.4 EXPENSES:…
Healthy liquidity & capital structure (in million) March 31, 2013 Ownership on May 17th, 2013 Cash 247.5 Shares Outstanding 131.7 million Restricted cash 216.4 Free float shares 53.4 million Secured bank debt 1,538.4 % of free…
Conservative debt profile No debt maturities prior to 2016 Strong relationships with commercial lenders and national export agencies ( in millions) Debt Amortization 1 ( in millions) 400 Ocean Rig Debt Outstanding as of 3/31/13…
Sensible growth All equity -over 727 million- for 2013 newbuilds already invested Modest capital expenditures associated with 2015 newbuilding (S millions) Total Already Remaining Cost(1) Delivered Funded From Cost Equity 2013…
Closing Remarks OCEAN RIG UDW INC.
Closing remarks Pure-play ultra-deepwater Fleet composed of 100% UDW assets driller with premium Sixth largest UDW company globally with a fleet of 10 drillships/rigs assets Focus on UDW key areas West Africa & South America Latest…
Appendix OCEAN RIG UDW INC.
Strong contract backlog provides cash flow visibility Unit Year built Redelivery Operating area Backlog (m) Leiv Eiriksson 2001 Q2 16 Norway 572 Eirik Raude 2002 Q3 13 Ireland 74 Eirik Raude 2002 Q3 14 Sierra Leone, Ivory Coast…
Net drilling revenue indicative calculator To calculate FY2013 Revenues from drilling contracts add to the 9M net drilling revenue calculated below: approximately 76.5 million in remaining amortization of deferred revenues Revenues…
Fleet status report Date: May 23, 2013 Scheduled Off-Hire Estimated Mobilization Days Estimated Available Drilling Days Year Built / Estimated Estimated Days Expected Commencement Completion 2013 2013 Footnote 2013 UDW Unit Name…
Projected deferred revenue & expense amortization As of March 31, 2013 (USD million) Q1A 2013 Q2E 2013 Q3E 2013 Q4E 2013 FY 2013 Amortization of deferred revenues 34.5 27.3 27.3 22.0 111.0 Amortization of deferred expenses 17.1…
Balance Sheet (Expressed in Thousands of U.S. Dollars) December 31, 2012 March 31, 2013 ASSETS Cash and restricted cash (current and non-current) 510,061 463,889 Other current assets 242,447 264,736 Advances for drillships under…
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